First Time Landlord
Being a landlord for the first time can be a daunting business. If you’ve done your sums properly, the rental returns on the property should make it worthwhile.
When you’re just starting out as first time landlord, the levels of preparation required can be a little overwhelming.
Terms like “Section 21”, “Right to Rent” and acronyms like “EPC”, “EICR” and “AST” may be entering your frame of reference for the first time.
Therefor knowledge that if you make a mistake on any compliance-related issue you could face a fine or prosecution adds stress to the whole venture.
Preparing Your Property
In the meantime, landlords should focus on the following areas.
Market the house in good condition
Attracting a better quality of tenant, handing over a property in peak condition will encourage your tenants to look after it.
When preparing the property you need to
Now is the time to take care of any DIY improvements or fix any tiny niggles around the property before it’s inhabited.
Take photos – this will help with marketing and can also be used as visual evidence in case of any disputes.
Take meter readings and ensure that the house is fitted with working smoke detectors.
Handle any compliance issues
There’s a raft of legislation and certifications required to be a landlord.
Fixflo has produced a comprehensive list as part of its First-Time Landlord Lettings Checklist.
As well as obtaining certificates relating to energy performance, gas safety and electric installations.
Landlords should also have risk assessments conducted for fire, legionella and asbestos and make sure they have the appropriate insurances in place.
It’s important to carry out a complete inventory, listing the contents and condition of everything in the property.
At this point decide what kind of tenant you’re looking for and whether you’ll allow animals in the property.
Once you’ve settled on these factors, it’s time to set up a self-assessment tax account with HMRC as a business owner.
For more information, why not visit our landlord hub, to see what useful information is available